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Connaught/Institut Merieux

Executive Summary

Canadian Minister of Industry, Science and Technology informed Institut Merieux that on the basis of data presented, the government questions the expediency of the firm's acquisition of Connaught BioSciences. Merieux said Oct. 13 that it has 30 days to supplement its application. Separately, the University of Toronto has agreed to consider dropping a lawsuit to block the acquisition while it considers a settlement agreement offered by Connaught. The university claims that non-Canadian ownership of the firm would violate an agreement between the university and the Canadian government. Connaught has accepted Merieux' $800 mil. cash offer of $37 a share.(ITEM 190)Picture, FDA -- Home Sweet Home

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